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How long to save for that new home?

How long to save for that new home?

Omaha was ranked high among the 125 most populous U.S. cities with the least barriers to achieving homeownership, according to a new report by RealtyHop.

RealtyHop, a home listing site, looked at median incomes and asking prices for homes over the past year to figure how long it would take to save for a 20% down payment (assuming households save 20% of their annual gross income per year). 

By RealtyHop’s measure, Omahans on average would have to save for 3.5 years to accumulate enough cash for that down payment. That put it among the 12 cities with the lowest barriers to homeownership.

Lincoln’s savings time was said to be 3.8 years, ranking it as the 23rd easiest city to buy a home.

For perspective, Los Angeles topped all 125 cities for having the greatest barrier. RealtyHop said families there would have to save for 13.8 years to enter homeownership and qualify for a loan.

On the other end, Detroit families would take 1.62 years to afford that 20% down payment.

Cool houses in the Omaha metro area

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In the world of home design, there’s no dirtier word than passé. It’s a term that signifies something is past its prime and destined for the dustbin of décor history (or at least for a few years until it probably comes back in vogue).

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Reporter - Money

Cindy covers housing, commercial real estate development and more for The World-Herald. Follow her on Twitter @cgonzalez_owh. Phone: 402-444-1224.

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